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Investing.com - BofA Securities downgraded ASR Nederland NV (AS:ASRNL) (OTC:ASRRF) from Buy to Neutral on Thursday, while raising its price target to EUR63.00 from EUR61.00.
The Dutch insurer maintains a strong capital position with a Solvency II ratio of 203% as of the first half of 2025, according to BofA Securities. The firm projects this ratio will strengthen further to 222% by fiscal year 2026.
BofA Securities notes that buyback expectations for ASR remain low and aligned with Capital Markets Day targets, resulting in a three-year cumulative total return worth 23% of market capitalization, slightly above the sector average of approximately 20%.
The research firm believes ASR has substantial capacity to increase shareholder returns, either in response to a potential placing by Aegon (NYSE:AEG) or independently if such a transaction does not occur in the near term.
BofA Securities values around EUR900 million of excess capital in its sum-of-the-parts analysis for ASR, suggesting this capital strength is increasingly recognized by the market.
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